HAALA Energy, a solar developer based in Saudi Arabia, has successfully secured SAR 28.5 million (USD 7.6 million) in a Series A funding round, according to the Associated Press. This financial boost is set to enhance the company’s ability to expand its commercial and industrial solar projects.
The funding, announced recently by the Jeddah-based firm, was primarily led by Fakeeh Investment Holding, which is the main shareholder in the healthcare provider Fakeeh Care. The deal includes SAR 18.5 million in equity and an additional SAR 10 million in debt financing.
With the newly acquired funds, HAALA Energy aims to install 30 MWp of solar capacity for its commercial and industrial clientele within the next three years. The company is also in talks to obtain further capital through external investment avenues to broaden its solar development objectives.
Established in 2017, HAALA Energy is renowned for its expertise in solar project development, installation, and maintenance. Its esteemed clientele features prominent organizations like Savola Group, IKEA Alsulaiman, and notable names in pharmaceuticals and healthcare, including GSK, Fakeeh Care Group, and Tamer Group.
